Coin Collecting for Kids

About Coin Collecting for Kids

Remember finding loose change on the ground or receiving a few coins as a gift from an adult when you were a child? You may have clutched that money tightly in your hand and placed it in your piggy bank or some other special place. While kids may not get as excited about finding a dime or quarter today as their parents and grandparents did, they often love developing a coin collection. Coin collecting for kids is a simple hobby that parents often overlook because it is so easy and relatively inexpensive to get started.

History and Geography

Without even realizing it, kids can learn so much from collecting and studying coins. As your kids examine each coin, take the time to talk to them about the history of each coin they collect. Visit The United State's Mint website, and check out the links provided, including "Collector's Club" and "Historian's Corner". Teach them what to look for regarding the different cities where coins are minted.

The Basics

While you can also dig through your old change and begin a collection with whatever coins you have on hand, if you really want to start a coin collection for your child, you may want to narrow down specific coins to collect.

• Choose a coin-For example, collecting pennies is a great way to begin, but consider looking for wheat pennies first. These pennies will be a novelty to your child simply because of their appearance. Wheat pennies are also inexpensive to purchase unless they are considered rare. Other coins that are great for your child to collect include Indian head pennies, buffalo nickels, Jefferson Nickels, Roosevelt Dimes, and Mercury Dimes.
• Buying online-To really get your money's worth, consider going on eBay and purchasing unsearched bags or rolls of wheat pennies. Keep in mind that when the ad says "unsearched", they probably have been searched at some time, so don't expect to find a rare penny in the midst of the collection. Still, you'll get lots of pennies for a relatively small amount of money, and your kids will love sorting through all of them. You can also check out local coin collection stores, although the coins may be more expensive than what you can buy online.
• Other buying options-Coins that are still in circulation can be bought at your local bank or credit union, but you can also search online for these as well.
• Coin collecting books-Before you delve too deeply into coin collecting for kids, you'll need to purchase a good coin collecting book that gives you the value of the coins you purchase. Amazon has a nice collection of books including the 2008 Guidebook of U.S. Coins Redbook, the 2007 Handbook of U.S. Coins Bluebook, and the kid-friendly Coin Collecting for Kids.
• Where to store coins-You'll want to purchase some coin folders to store your kids' coins. Choose coin folders that are designed for different coins. These typically feature specific slots for specific dates and even particular mints. By purchasing these folders, you can easily see what coins you still need to purchase.

Planning for the Future

Coin collecting for kids can begin as just an inexpensive hobby, but as you and your kids learn more about collecting, you may find that building a coin collection will allow you to begin investing in your kids' future. You can start out spending as much or as little as you choose, but if you really want your kids to build a collection, you may want to sell some of your duplicate coins as well. By selling coins that your kids don't need, you can build up an account that will allow them to purchase coins that are more expensive. This is a great way to teach them how to invest their money as well!

Finally, safeguard your collection by keeping your coins preserved in coin folders or albums. As the collection grows and becomes more expensive, you might want to consider insuring it. Above all, this should be a fun, learning process for your whole family. Get excited with your kids, and foster their enthusiasm by learning about the whole process of coin collecting together!